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"OPEC’s new free-for-all production stance could lift the lid on millions of barrels of additional crude supply next year.
“Everyone does whatever they want” now that the Organization of Petroleum Exporting Countries has effectively abandoned its formal production target, Iranian Oil Minister Bijan Namdar Zanganeh said after the group met on Friday. What Iran wants is to revive exports by about 1 million barrels a day when sanctions are removed next year. It’s not the only member with potential to swell the global oil surplus, with millions of barrels of capacity lying unused under the sands of Saudi Arabia and Libya.
“It means more OPEC oil next year,” Jamie Webster, a Washington-based oil analyst for IHS Inc., said of the organization’s Dec. 4 decision. “OPEC is not cutting. With Iran looming, as well as largely only upside risk for Libya, the smart money is on more, and not less, production.”"

"Egypt's stocks were bolstered by upbeat economic data while the Saudi bourse dipped lower in lethargic trade as market participants awaited the kingdom's budget later this month.

Cairo's benchmark edged up 0.1 percent to 6,844 points, trading higher for a second day after the Planning Ministry revised its gross domestic product (GDP) target for the current fiscal year to 5.5 percent from 5 percent.

A break above 7,000 could spur buyers to enter the market more aggressively, said a Cairo-based trader."

"Sovereign wealth funds in the Gulf have been pulling money out of asset managers at the fastest rate on record as they rush to boost their economies following the collapse in the oil price.
At least $19bn was withdrawn by state institutions during the third quarter, according to data provider eVestment, denting investment managers’ profits and raising concerns about the prospect of further outflows."

"Total chief executive Patrick Pouyanne said on Monday that he does not expect pressure on oil prices after Opec’s decision on Friday not to impose a ceiling on crude output and keep production at high levels.

“Opec’s decision was expected by the market,” he told reporters in Qatar.

Opec failed to agree on a new output quota on Friday, allowing member countries to continue pumping more than 31 million barrels per day of oil, further swelling a glut that has lowered prices."

"The number of housing transactions in Dubai may have plummeted this year by nearly half, but analysts say that there are signs of an uptick in some areas.

According to the property data company Reidin, the number of property sales in some parts of the city has fallen by more than 45 per cent since the most recent peak in 2013.

In its most recent report, Reidin found that the number of sales conducted during the first nine months of the year in Dubai Marina fell to less than 1,500 compared with 2,250 during the same period last year and about 2,700 in 2013."

"Foreign investors already spooked by geopolitical risks in the Middle East are selling Dubai stocks after OPEC failed to set a cap on oil production, which would have helped raise prices and boost government revenue in the Arab Gulf.
Emaar Properties PJSC, the stock that makes up almost a fifth of Dubai’s DFM General Index, declined to a two-year low and was the biggest contributor to losses in the emirate. The developer of the Burj Khalifa in Dubai, the world’s tallest tower, is about 30 percent owned by the government.
"Stocks held by foreigners, such as Emaar Properties, are being punished because they don’t feel the risk is worth the return anymore, especially now that oil is falling again and the geopolitical risks are still high," said Tariq Qaqish, the head of asset management at Dubai-based Al Mal Capital PSC."